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WTF is bitcoin mining???
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Grnfinger Offline
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Post: #1
WTF is bitcoin mining???
WTF is all that **** about?

It's driving the price of gpu's through the roof.
I just bought this card for 250 shipped.... a month ago under 200 would be the going rate

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Who accepts this virtual money? no legit etailer will accept it..someone educate me on this subject

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06-19-2011 06:07 AM
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Peter M Dodge Offline
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RE: WTF is bitcoin mining???
Its basically a form of virtual currency being used by hackers to "buy" processing power to use in hacking attempts or DDoS attacks. Of course there are legit uses (but not many), but this is whats driving that "market". I think of it as the hacker version of Folding@Home.

(I would never put your GPU up for the folding or whatever **** that goes on for that, chances are high you'll be giving your processing power up for LulzSec to hack the FBI again or something.)



Ironically but not surprisingly, many recent hacks have come to light of hackers stealing other hackers bitcoin "wallets" (and thus their bitcoins) lately, for ex:

http://yro.slashdot.org/story/11/06/16/1...ins-Stolen

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(This post was last modified: 06-19-2011 07:46 AM by Peter M Dodge.)
06-19-2011 07:29 AM
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Grnfinger Offline
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Post: #3
RE: WTF is bitcoin mining???
I'm not interested in it..it's just pissing me off that all this noise is driving used gpu's up

I've been hunting for 3 weeks trying to source a 5870, found one this morning and paid new price for it..

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06-19-2011 07:38 AM
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Peter M Dodge Offline
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RE: WTF is bitcoin mining???
I like how I got downrepped by a couple of people who never post as soon as I called out the hacker connection Slashdot has been banging on about since Bitcoins inception.

Real smooth, guys.

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06-19-2011 09:00 AM
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Defiant Offline
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Post: #5
RE: WTF is bitcoin mining???
I've looked into bitcoins, it seems like an interesting concept. How are you connecting used GPU prices to it though? I haven't seen them rise...

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06-19-2011 09:02 AM
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Peter M Dodge Offline
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RE: WTF is bitcoin mining???
(06-19-2011 09:02 AM)Defiant Wrote:  I've looked into bitcoins, it seems like an interesting concept. How are you connecting used GPU prices to it though? I haven't seen them rise...

One of the ways of getting bitcoins is to run folding@home type scripts, essentially loaning out processing power. Along with obvious legit uses, its been used by hacker groups such as LulzSec to hire out computers to DDoS attack with, and the FBI has also accused the network of being use to launder drug money.

Ill dig up the stories when I get home.

And watch my forum-rep go down some more from the trolls.

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06-19-2011 09:09 AM
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Grnfinger Offline
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RE: WTF is bitcoin mining???
(06-19-2011 09:02 AM)Defiant Wrote:  I've looked into bitcoins, it seems like an interesting concept. How are you connecting used GPU prices to it though? I haven't seen them rise...

example 5870's were going for 190 shipped, now they go for 250 plus shipped. that's on 5 respected forums
Buddy just listed a 5870 for 295USD plus shipping it sold in 2 hours.
I've been searching for close to a month now for the damn thing and finally found one this morning for 250.

The egg had 3 in stock the other day for 6 mins and they sold out, by the time I had my cc out of my wallet ready to pay they were gone. Now wtf is all the interest in last years cards??? bitcoin mining, the 5870 is a beast at the job and in 3 weeks a guy made 750 bones off 2 of them
That is also from a respected forum so I would believe his statement.

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06-19-2011 10:00 AM
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Grnfinger Offline
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RE: WTF is bitcoin mining???
(06-19-2011 09:09 AM)Peter M Dodge Wrote:  
(06-19-2011 09:02 AM)Defiant Wrote:  I've looked into bitcoins, it seems like an interesting concept. How are you connecting used GPU prices to it though? I haven't seen them rise...

One of the ways of getting bitcoins is to run folding@home type scripts, essentially loaning out processing power. Along with obvious legit uses, its been used by hacker groups such as LulzSec to hire out computers to DDoS attack with, and the FBI has also accused the network of being use to launder drug money.

Ill dig up the stories when I get home.

And watch my forum-rep go down some more from the trolls.


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06-19-2011 10:23 AM
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Peter M Dodge Offline
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Post: #9
RE: WTF is bitcoin mining???
Yeah, people are going fir the older ones because they are .. Or were .. Cheaper and its driven prices up.

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06-19-2011 10:43 AM
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David Offline
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RE: WTF is bitcoin mining???
(06-19-2011 10:23 AM)Grnfinger Wrote:  
(06-19-2011 09:09 AM)Peter M Dodge Wrote:  
(06-19-2011 09:02 AM)Defiant Wrote:  I've looked into bitcoins, it seems like an interesting concept. How are you connecting used GPU prices to it though? I haven't seen them rise...

One of the ways of getting bitcoins is to run folding@home type scripts, essentially loaning out processing power. Along with obvious legit uses, its been used by hacker groups such as LulzSec to hire out computers to DDoS attack with, and the FBI has also accused the network of being use to launder drug money.

Ill dig up the stories when I get home.

And watch my forum-rep go down some more from the trolls.

I'll deal with this

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06-19-2011 10:45 AM
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